Best Chart time frames for day trading

Excessive buying and selling without properly analyzing the market

6 trades per month!!! Sorry but I don’t see you as a day trader.

A day trader by definition holds trades which don’t exceed 24 hours, not by having to trade each and every day. I’ll let day traders think they have to trade each and every day and then ask to see how there P&L looks afterwards…

If you find M5-15-30 too fast, than you are not a daytrader type, that’s it :slight_smile: Trading on H1-H4 are more swingish time frames. If you want to become a day trader you need to spend at least 4-6-8 hours in front of your computer(ask yourself that’s how i wanna spend my days?). If you have a full time job, you should trade H4-D1 so a daily 30-60minutes effort will be enough. Being a day trader is not much fun, it is a continuous stress and you also need a deep pocket, you should not risk more than 0,2-0,3% on one trade (i am not gonna go into details but imagine that you have a bad day and you lost 15 trades out of 20) if you trade H4-D1 you can risk 0,5-2% on each trade, it depends on your hit rate. I wanted to be a day trader at the beginning, then a I burnt 2 accounts (small ones) but they were painful enough to make me think. Trading is all about knowing yourself… (sorry for grammar mistakes)

Day-traders can still use 1H charts for entry, it’s not that difficult. As for sitting in front of the monitor for 12 hours a day, no it’s not fun - and that’s why I use 1H analysis (checking the charts at the end of each hour for a few minutes, then getting on with my day).

There are so many variations in trading, trying to firmly separate day-trading from swing-trading from scalping is never black and white.

Imagine if I said

"I’m going to scalp 100 pips from a 2,000 pip move I’ve caught over the past month on a small retrace"
You’d tell me a 100 pip scalp is not a scalp, a scalp is a few pips here and there. However in respect to the initial 2,000pip move, a further 100 pip squeeze could well be classified as a scalp! - As usual I’m not trying to say who is wrong or who is right, but just looking at things from an alternative approach.

I use 15min and hr chart to gauge trend and use 1min for entry with zero indicators except tick vol and candlesticks.

I´m a beginner and i use for a basic trendig strategy only M30 to identify the overall trend and then M5 for detailed chances.

Best timeframe for Day trading is 15min chart.

I do an exercise every weekend, (and I’m sure most people also) will set their daily charts to a week prior to the current, and mark S/R on daily. Then set the chart for 15M or 1H and include the last several days. If you mark off the SR correctly you will see several good and obvious trades that would have taken place off of your daily analysis on the 1H or 15M. Then look for other confluence at those points.

[QUOTE=“Hogarste;719796”]I do an exercise every weekend, (and I’m sure most people also) will set their daily charts to a week prior to the current, and mark S/R on daily. Then set the chart for 15M or 1H and include the last several days. If you mark off the SR correctly you will see several good and obvious trades that would have taken place off of your daily analysis on the 1H or 15M. Then look for other confluence at those points.[/QUOTE]

+1 to a spot of back testing.

Using the 1hr chart, I sometimes pick a random currency pair, scroll back to a random unknown time period & work my way forward gauge where I would consider taking a trade & then see how it pans out. Nothing in-depth, just a rough guestimate to test myself.

We can actually use any Time frame for doing our trades as long as we are comfortable with it. Most of the times i prefer to do my trades in the M30 and the H1 time frames as that is more suited to my trading systems :slight_smile: